Where to Find Value and Income

Portfolio manager Mark Freeman has been crushing his benchmark with a mix of stocks, bonds, MLPs and REITs. Here's what he's buying now.

Just by the numbers, Mark Freeman's investing track record is solid: His Westwood Income Opportunity Fund (ticker: WHGIX) has racked up an annualized 8.69% over the past five years, slightly outpacing the Standard & Poor's 500's annualized 8.36%. Considering, however, that he has stashed 22% of his go-anywhere fund in cash and another 12% in bonds, edging out an all-equity index during a bull market is quite a feat.

In addition to bonds, cash, and a 56% allocation to (mostly U.S.) stocks, Freeman's portfolio includes...